9911796707
TMI Blog2019 (4) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... or issuance of directions for liquidation of the corporate debtor, M/s Integrated Caps Pvt. Ltd. 2. The facts in brief are that the operational creditor, Sh. Bal Pratap Srikent had filed an application bearing no. IB 74(ND)/2018 under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process against the corporate debtor. The said application was admitted by this tribunal vide order dated 06.03.2018 and Mr. Yogesh Kumar Gupta appointed as Interim resolution Professional (IRP). 3. Thereafter, in terms of Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) the said Interim Resolution Professional made a public announc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (RP) had taken custody and control of the Assets of the Corporate Debtor M/s Integrated Caps Pvt. Ltd. i.e. Land and building located at Industrial Plot No.92, Block no. C, New Okhla Industrial Development Area, Gautam Budh Nagar Ghaziabad District (Unit No. 1, total land area of the property is 1000 sq. mtr.) and land & building situated at Industrial Plot No.93-94, Block no. C, New Okhla Industrial Development Area, Gautam Budh Nagar Ghaziabad District (Unit No.2, total land area of the property is 2000 sq. mtr. ) and building located at Industrial Plot No.95-97, Block no. C, New Okhla Industrial Development Area, Gautam Budh Nagar Ghaziabad District (Unit No. 3, total land area of the property is 3000 sq. mtr.)along with Plant & Machiner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IRP period and upon such application filed by the RP further time of 61 days was granted vide order dated 23.07.2018. 12. Thereafter in the 7th meeting of CoC held on 24.09.2018 it was decided that since no resolution plan has been received in respect of the corporate debtor and as very little time is left for completion of the CIRP period, the CoC with majority vote of 96.74% of voting share decided to liquidate the corporate debtor due to non-receipt of any resolution plan. 13. The relevant portion of minutes of 7th meeting of CoC dated 24.09.2018 has been reproduced below: "ITEM NO. 4 Discuss on Resolution process and way forward The RP apprised the COC members that last date of extended CIRP period is 2nd November 2018 and the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation for liquidation with adjudicating authority was passed with 100% votes mainly consisting of Syndicate Bank with 96.74% of total voting share and HCCBI with 3.26% of the total voting share. Be that as it may, the CoC has resolved by 100% voting majority to liquidate the corporate debtor as there was no resolution plan. 15. In the factual background and in the absence of any resolution plan and for want of time beyond statutory CIRP period; there is no other alternative but to order in conformity with the required majority decision of the CoC for liquidation of the corporate debtor under Section 33 of the Code. 16. As a result, application is allowed by ordering liquidation of the corporate debtor, namely M/s Integrated Caps Pvt. Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
